The post Can Nvidia stock hit $200 in 2024? appeared on BitcoinEthereumNews.com.

Nvidia (NASDAQ: NVDA) continues to command attention as it edges higher in the tech world, closing at $136.93 on October 17 with a +0.89% gain.  The artificial intelligence (AI) chipmaker giant has been riding a wave of optimism driven by its dominance in the AI sector and strong market fundamentals, trading in a wide range of $114.86 to $140.89 over the past month.  Nvidia stock briefly crossed the $140 mark, hitting a high of $140.89 before pulling back, stoking optimism in the market. NVDA stock 30-day price. Source: Finbold With just over two months left in 2024, can Nvidia capitalize on its momentum, or is $200 a bridge too far in the short term? Analysts back Nvidia with raised targets Wall Street isn’t short on confidence when it comes to Nvidia’s future. On Thursday, BofA Securities analyst Vivek Arya doubled down on his bullish outlook, raising his price target from $165 to $190 while maintaining a ‘Buy’ rating.  Arya highlighted Nvidia’s sheer dominance in the artificial intelligence space, where the company commands an 80-85% market share. He also pointed to the growing total addressable market (TAM), which is projected to balloon to over $400 billion by 2024. What’s driving Arya’s optimism? His revised earnings per share (EPS) estimates for fiscal years 2025 and 2026 are up by 13% and 20%, respectively, thanks to Nvidia’s “generational opportunity.”  Recent developments like TSMC’s results, AMD’s AI event, and key meetings with industry players like Broadcom and Micron have reinforced confidence in Nvidia’s growth trajectory. And let’s not forget Nvidia’s “insane Blackwell demand,” which Arya believes will continue to fuel the company’s momentum. With Nvidia’s PEG ratio at just 0.6 (compared to the tech sector’s average of 1.9), Arya argues that the stock still offers tremendous value. Despite its broad ownership in the market,…

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Filed under: News - @ October 18, 2024 9:20 am